The funding was provided by the company’s strategic partner Bluebird Merchant Ventures and it will be used to get the mining permits and environmental approval for the project in Philippines.
With the latest funding, Bluebird has now given RMMS total of $500,000, which is a part of $1m Stage 1 committed by Bluebird to RMMS for getting required permits and conduct Definitive Feasibility Study (DFS).
After miner receives permits and completes DFS, Bluebird will enter the Stage 2 of funding which is worth $4.5m, and with that Bluebird will also receive 50% of RMMS’ stake.
Red Mountain Managing Director Jon Dugdale said: "We are very pleased with the ongoing project level funding support from our strategic partner.
"This funding will allow us to fast track the key milestones to initial development of the Batangas Gold Project, and potential early cash flow."
